calaway, I am hiring, if you are looking !

Dude, don't tell me the trash about not knowing how Islamic banks work, I have friends/ex colleagues who are christians working in Islamic banks both in UK . So don't tell me all that rubbish. For your info, 2 of them both work as accountants.

Like I mentioned before, you need to do your research probably before commenting, stop making baseless assumption.

paulo882

I hope you have eaten today?

Look the point is any Islamic bank should only experience CBN as a supervisory and regulatory entity strictly. As infidels you or government can never understand the joys and workings of Islamic bank like the pius Islamic faithfuls so leave it to them. CBN must stay clear from such a project.

I was wondering how long it'll be before pple start fighting in here. Didnt have long to wait.

#entertainment

@calaway, I have no time entertaining your insults, just shove it up your a**

I am amazed that even the younger generation of Nigerians ( which you are part of ) hold views such as yours. All these religious sentiments among us will bring Nigeria to a total destruction one day if we can't learn from the mistakes of our fathers/ the older generation. Very sad situation to be honest  

We just need honesty in the banking system, there is no guarantee that Islamic banking will be the panacea that Sanusi hopes. Look at Dubai http://www.arabianmoney.net/banking-finance/2010/04/06/490m-fraud-allegation-at-dubai-islamic-bank/

@ paulo882,

If you can pull your head out of that smelly orifice of urs and smell the fresh air maybe you will reason more clearly and considering others. your uncomfortable posture keeps you busy doing nada.
For Govt/CBN to lean or affiliate towards religion in any form is unconstitutional and a crime against Nigerians. I have said on this thread that even OKIJA BANK and SHONGO BANK must not enjoy Government support. I di not say they cannot operate in Nigeria. Even If your village people want to set up Paulo883 BANK i wll not oppose so long as your kinsmen dont drag CBN in their plans. if they try to Drag CBN I will resist that not because I am a bigot but because there other cultures. SAY NO TO SELFISH IMPUNITY
Islamic bank, Christian bank, Shango bank must only experience CBN as a supervisory and regulatory entity strictly

@calaway

See this muron calling me a Jihadist. I no blame you. Its the bastard west that has termed every muslim a terrorist, jihadist, islamist, fundamentalist bla bla bla. . .

The question is where did you stop at school? See you talking trash about a system of banking you know jack about? If employment is your problem, must you work there? And its obvious you know nothing about global politics, let me lecture you a little

Durring the financial crisis, the top financial experts in the west travelled down to the middle east on how the islamic system of financial management could help end the crises and prevent it from happening again since islamic banks around the world stood firm.

What i expect you do is to READ. . .! research before spewing nonsense. Anything that has the word "islamic" in it becomes offensive to your types.

I have sensible christian friends. . .who understand what it means. Its the system and not the name. . .

And try and travel out of naija for once and see for yourself that Jews, xtians are muslims are emploed there. . .working


olodo oshi



#Javalove. . .unless otherwise stated. . .!

calaway:

@ paulo882,

If you can pull your head out of that smelly orifice of urs and smell the fresh air maybe you will reason more clearly and considering others. your uncomfortable posture keeps you busy doing nada.
For Govt/CBN to lean or affiliate towards religion in any form is unconstitutional and a crime against Nigerians. I have said on this thread that even OKIJA BANK and SHONGO BANK must not enjoy Government support. I di not say they cannot operate in Nigeria. Even If your village people want to set up Paulo883 BANK i wll not oppose so long as your kinsmen dont drag CBN in their plans. if they try to Drag CBN I will resist that not because I am a bigot but because there other cultures. SAY NO TO SELFISH IMPUNITY
Islamic bank, Christian bank, Shango bank must only experience CBN as a supervisory and regulatory entity strictly

May be the Federal government should also not sponsor Nigerians going for pilgrimage in Mecca or Jerusalem ? since that is also affiliated to religion ?  Boy you need to change these views, stop dragging us 50yrs back, we should be fixing the mess that this kind of religous sentiments has put us into.

you people are funny , there nothing about islamic banking that is not being praticed in nigerian banks the only difference is dat it restricts u from doing buiness that involves pork , alcohol, ciggerate or say music and video with indecency ( it discourages immorality and sin in line with sharia law)which changes nothing cause u still need land or property collateral to access the fund, and who told some clowns there is no intrest? i dey laugh ooo na pure water they go use maintain the banks and its services?
every thing about islamic banking from micro finance, to bank purchasing the product u want and then u pay to bank instalmentally including bank  interest have been goin on in nigerian and world banking ,sanusi is just looking for cheap publicity.

@Calaway
I can only describe you in two ways: It's either you're a lazy lad who couldn't do a little research even wt your access to the internet before making comment or, you're a christian extremist/fanatics who can never and will never see anything good as far as Islam is involved.
This is how Islamic Banking System works: The money is put together just like commercial banks and it's also regulated by the CBN just like other banks. Ok? A customer is a customer being a muslim or christian or whatever once you've agreed to its principles and ethics and, all customers have the same opportunities.
If you save, no interest! But other customers and the bank will be making use of your money. But if you decide to benefit from the bank, you will tell them what you need the loan for, be it car, house, properties or investment. Estimation will be made and the bank will buy you your car, build you your house, and so on. Then, the bank's PROFIT will be added to the actual loan and the method of loan repayment will be worked out like when to start repayment, how much and the duration.
Here comes the Unique and the most Beautiful aspect of the Islamic Banking: If your investment or whatever you used the loan for turns out bad, the bank will share your loss! Can you beat that? That's Islam for you. It's just a pity that the extremists are giving Islam a bad face. I'm happy to be a Muslim.

Which kan development? Why didnt Dubai, Abu Dhabi, Qatar and some Arabian countries use it as their economic blueprint? Why didnt people like Prince Al-Waleed bin Tala  invest in those banks instead of Citigroup? Why did Qatar invest in  London Stock Exchange (15% stake), Sainsbury (27% stake)? Dubai invested in Nasdaq OMX Group Inc.  Why do these oil rich gulf countries have sovereign wealth funds that are scouting for interest bearing investments all over the world?

bashr4:

you people are funny , there nothing about islamic banking that is not being praticed in nigerian banks the only difference is dat it restricts u from doing buiness that involves pork , alcohol, ciggerate or say music and video with indecency ( it discourages immorality and sin in line with sharia law)which changes nothing cause u still need land or property collateral to access the fund, and who told some clowns there is no intrest? i dey laugh ooo na pure water they go use maintain the banks and its services?
every thing about islamic banking from micro finance, to bank purchasing the product u want and then u pay to bank instalmentally including bank  interest have been goin on in nigerian and world banking ,sanusi is just looking for cheap publicity.

As regards the bit highlighted in bold, Were you referring to counterfeit Islamic banking or something else ?

@Calaway
I can only describe you in two ways: It's either you're a lazy lad who couldn't do a little research even wt your access to the internet before making comment or, you're a christian extremist/fanatics who can never and will never see anything good as far as Islam is involved.
This is how Islamic Banking System works: The money is put together just like commercial banks and it's also regulated by the CBN just like other banks. Ok? A customer is a customer being a muslim or christian or whatever once you've agreed to its principles and ethics and, all customers have the same opportunities.
If you save, no interest! But other customers and the bank will be making use of your money. But if you decide to benefit from the bank, you will tell them what you need the loan for, be it car, house, properties or investment. Estimation will be made and the bank will buy you your car, build you your house, and so on. Then, the bank's PROFIT will be added to the actual loan and the method of loan repayment will be worked out like when to start repayment, how much and the duration.
Here comes the Unique and the most Beautiful aspect of the Islamic Banking: If your investment or whatever you used the loan for turns out bad, the bank will share your loss! Can you beat that? That's Islam for you. It's just a pity that the extremists are giving Islam a bad face. I'm happy to be a Muslim.

maasoap:

@Calaway
I can only describe you in two ways: It's either you're a lazy lad who couldn't do a little research even wt your access to the internet before making comment or, you're a christian extremist/fanatics who can never and will never see anything good as far as Islam is involved.
This is how Islamic Banking System works: The money is put together just like commercial banks and it's also regulated by the CBN just like other banks. Ok? A customer is a customer being a muslim or christian or whatever once you've agreed to its principles and ethics and, all customers have the same opportunities.
If you save, no interest! But other customers and the bank will be making use of your money. But if you decide to benefit from the bank, you will tell them what you need the loan for, be it car, house, properties or investment. Estimation will be made and the bank will buy you your car, build you your house, and so on. Then, the bank's PROFIT will be added to the actual loan and the method of loan repayment will be worked out like when to start repayment, how much and the duration.
Here comes the Unique and the most Beautiful aspect of the Islamic Banking: If your investment or whatever you used the loan for turns out bad, the bank will share your loss! Can you beat that? That's Islam for you. It's just a pity that the extremists are giving Islam a bad face. I'm happy to be a Muslim.

God bless you brother!!!!!!!!!!!!

adconline:

Which kan development? Why didnt Dubai, Abu Dhabi, Qatar and some Arabian countries use it as their economic blueprint? Why didnt people like Prince Al-Waleed bin Tala  invest in those banks instead of Citigroup? Why did Qatar invest in  London Stock Exchange (15% stake), Sainsbury (27% stake)? Dubai invested in Nasdaq OMX Group Inc.  Why do these oil rich gulf countries have sovereign wealth funds that are scouting for interest bearing investments all over the world?

olodo ni e. . .what do you know about middle eastern economy? they operate interest free banks. . .check their monetary policies if u love to do researches. . .



#Javalove. . .unless otherwise stated. . .!

The term “Islamic banking” refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). In the late 20th century, a number of Islamic banks were created to cater to this particular banking market.
Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shariah, known as Fiqh al-Muamalat (Islamic rules on transactions)
The first modern experiment with Islamic banking was undertaken in Egypt under cover without projecting an Islamic image—for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the political regime.[citation needed] The pioneering effort, led by Ahmad Elnaggar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in country.[

In Islamabad, Pakistan, on June 16, 2004: Members of leading Islamist political party in Pakistan, the Muttahida Majlis-e-Amal (MMA) party, staged a protest walkout from the National Assembly of Pakistan against what they termed derogatory remarks by a minority member on interest banking:

   Taking part in the budget debate, M.P. Bhindara, a minority MNA [Member of the National Assembly], referred to a decree by an Al-Azhar University's scholar that bank interest was not un-Islamic. He said without interest the country could not get foreign loans and could not achieve the desired progress. A pandemonium broke out in the house over his remarks as a number of MMA members, rose from their seats in protest and tried to respond to Mr Bhindara's observations. However, they were not allowed to speak on a point of order that led to their walkout, Later, the opposition members were persuaded by a team of ministers, to return to the house, the government team accepted the right of the MMA to respond to the minority member's remarks, Sahibzada Fazal Karim said the Council of Islamic ideology had decreed that interest in all its forms was haram in an Islamic society. Hence, he said, no member had the right to negate this settled issue: Source :http://en.wikipedia.org/wiki/Islamic_banking
================================================================================================================

I want someone to come  and prove to me in clear terms how Islamic banking is beneficial to our country and the development of our economy before i get angry.Even without reading up these information from wikki i had earlier made the above comments.

We should stop comparing the uk,us etc with our country.These countries are stable enough to withstand any temporary shock in their banking systems.The Nigerian economy is so fragile that any little thing is capable of throwing the entire system into perpetual depression.Sanusi should stop reducing the speed and tempo of development of the Nigerian economy through his useless,unformed and baseless fundamentalist ideology. We are yet to get out of the mess he caused since 2009.Because of his insatiable desire to score some religious points,he believes the easiest way to do so is by introducing Islamic banking. I knew he would do exactly this,he created an artificial problem in our banking system just to create an impression that something is wrong with conventional banking,thereby making ways for the Islamic banking which is supposed to be ''immuned'' from problems. Someone should advise him now.

I said it before and am still saying it again: This sanusi lamido sanusi is upto something,Bear this in mind "all hausa/fulani muslim in nigeria government one way or the other want to force their religion on other's " ,but our God will frustrate them. Is this why sanusi insist on arabic character on nigeria currency.

Can somebody tell me what benefit do we stand to get from islamic banking? or is it all about loan without interest? Banking problems in nigeria is not all about interests. is more than that brothers. He knew if he go by this opinion he will get around him half of yoruba's and all hausa/fulani's. i can see he has no idea how to resolve nigeria banking problem.

I still believe they will use that as avenue to loan government money more to muslims and hausa/fulani's they way they use to give our money to muslim pilgrims. Tell me what we stand to benefit. If that is the only solution sanusi have in reforming nigeria banking sector then i must say that he incapable to manage nigeria economy.

Sanusi has ran out of idea's and now there are no more SOLUDO's policy to fight against in other to get by his side hausa/fulani's and other nigeria's,then he has to go by this idea to see if he will divide this nation's once more.

Do you know what he will do next "after setting up islamic banking he will ask us to give him time to make it flowing and by so doing many christians will not like to attack his policies in other not to offend our muslim brother's and our muslim brother will not like to point fingers at him because it will be like fighting against their faith" and then our national economy will be at mess.

The big question here for sanusi is " TELL US HOW ISLAMIC BANKING WILL SOLVE OUR NATIONAL BANKING PROBLEM" ?

9ja voice:

I said it before and am still saying it again: This sanusi lamido sanusi is upto something,Bear this in mind "all hausa/fulani muslim in nigeria government one way or the other want to force their religion on other's " ,but our God will frustrate them. Is this why sanusi insist on arabic character on nigeria currency.

Can somebody tell me what benefit do we stand to get from islamic banking? or is it all about loan without interest? Banking problems in nigeria is not all about interests. is more than that brothers. He knew if he go by this opinion he will get around him half of yoruba's and all hausa/fulani's. i can see he has no idea how to resolve nigeria banking problem.

I still believe they will use that as avenue to loan government money more to muslims and hausa/fulani's they way they use to give our money to muslim pilgrims. Tell me what we stand to benefit. If that is the only solution sanusi have in reforming nigeria banking sector then i must say that he incapable to manage nigeria economy.

Lets get the notion out that any human being on this planet can force sharia law on Nigeria (whether the Buharis or the Sanusis), where 50% of the population are non-muslims (we are neither Iraq nor Iran), unless they want to cause another bloody civil war ( which I am sure nobody wants to go through it ).

Islamic Banking (or any other alternative form of banking for that matter ) is good for Nigerian Economy because it will encourage competition and force the bloody ripe off commercial banks we have to bring down their charges and offer deserving Nigerians affordable mortgages, business loans and banking services. We want to see same thing that happened in the Telecommunication sector happen in the banking sector, customers/Nigerians have the final say, not the bloody banks !

Don't see any reason why this should raise dust amongst Nigerians, it has been implemented in other multicultural/multi religious states and works. Ain't we being too tribalistic and showing unnecessary religous sentiments towards the good intentions of Sanusi ?

The more we try to keep this nation of our's at a secular platform for the good of every nigerian the more hausa/fulani's in government are bringing it to a religiouse points
I keep wondering why in the past but recently i know the reason just read below:

1)IF nigeria goes by secular way then the issue of credibility will arise(and u know that will throw them out of every aspect of power)
2)With secular society there will never be divide and rule
3)with rational thinking we will get truth and fairness(wit this the will loose their tolls of marginilization , corruption , fear , oligarchy and false dominance).
4)if they go by religiouse propaganda they will gather to their side all hausa/fulani's and other muslims no matter how wrong they are. and many more i don't have time writting.

educated people argue reasonably, guys don't go abt callin' urselves names n yabbin' each other, dis conversation should be a bit matured,  i support islamic banking,

@ paulo883,

I guess you are still an Ignorant child lost in the intricacies of the ability to apply common sense of logical reason.

The Nigerian Constitution provides for the freedom of thought, conscience and religion as a fundamental human right. Under the Constitution, everyone has the right to observe, practice and adhere to his/her own religious creed, in private or in public in so far as such practices do not infringe upon the fundamental human rights of individuals.
The constitutional guarantee was dictated by the multi-ethnic nature of the Nigerian State where people from irrespective of their religious inclinations, ethnic backgrounds and languages are free to interact and live in any part of Nigeria. The Constitution does not impose any  State religions on any individual, as it is done in theocratic states. Nigeria is a secular State with a secular constitution and the state sponsorship of pilgrimages is an aberration of the secular status of the State.
This means you can sue the FG on pilgrimage and win the suite if Justice is impartial delivered.

@Javalove and maasoap,
You jihadist always try to shove your tasteless will/ideologies down the throat of Nigerians, most time with words of soothing falsehood.
The Nigerian Constitution provides for the freedom of thought, conscience and religion as a fundamental human right. Under the Constitution, everyone has the right to observe, practice and adhere to his/her own religious creed, in private or in public in so far as such practices do not infringe upon the fundamental human rights of individuals. Inviduals have a tight to engage in legal recreational activities while entities are fully sanctioned by law/constitution to cater to these needs. Any institution  which is not robust enough to fit into secular system in tolerance and encouragement of  social development as guaranteed by a secular Constitution must not receive govt backing.
With this in mind I ask you.

1.will your Islamic bank give loans to Nigerian Beer Breweries and PIG farmers or even pork meat processing factories to expand their operations and build a stronger export economy with the export of good booze to tog and Ghana and Libya?
2.Will your islamic bank give loans to Condom Manufactures to make protections for times when muslim girls get Hot and want to Bleep xtian boys without giving the wellard chaps HIV?
3, 4, the list could go on and on and your answer is NO to all 1000 items

So my friend you see why a secular government must not be associated, linked or perceived to establish your type of bank? Your bank is for your islamic nation free of infidels, when you form one, your government will open and fund plenty islamic bank for your pius faithfuls to borrow money for the importation of containers from Iran. Not in a secular state like NIJA where we love to indulge and rigmarole. The infidels will only permit CBN to regulate and supervise your Islamic banks to protect your jihadist funds from greedy/currpt imams when they present, nothing more. The Govt is for Nijans and Not for Sanusi and his peers. NOTIN 4 UUUUUU.

JIHADIST WHO DONT CARE ABOUT OTHERs SUCK!!! I CONDEMN UR IMPUNITY. I CONDEMN YOU.

Kai u r so smart. Did u really read my post b4 you jump to repeat exactly what I had told ur cohort paul0883. CBN can only play a regulatory role. READ MY POST next time before you display your copycat wisdom.

calaway:

@ paulo883,

I guess you are still an Ignorant child lost in the intricacies of the ability to apply common sense of logical reason.

The Nigerian Constitution provides for the freedom of thought, conscience and religion as a fundamental human right. Under the Constitution, everyone has the right to observe, practice and adhere to his/her own religious creed, in private or in public in so far as such practices do not infringe upon the fundamental human rights of individuals.
The constitutional guarantee was dictated by the multi-ethnic nature of the Nigerian State where people from irrespective of their religious inclinations, ethnic backgrounds and languages are free to interact and live in any part of Nigeria. The Constitution does not impose any  State religions on any individual, as it is done in theocratic states. Nigeria is a secular State with a secular constitution and the state sponsorship of pilgrimages is an aberration of the secular status of the State.
This means you can sue the FG on pilgrimage and win the suite if Justice is impartial delivered.

So why have you not sued the FG for sponsoring pilgrimages ? And how does Islamic banking infringe on your constitutional rights as a Nigerian ? rubbish ! This conversation with you is a waste of time, just keep your views to yourself and let mine be.

javalove:

God bless you brother!!!!!!!!!!!!

olodo ni e. . .what do you know about middle eastern economy? they operate interest free banks. . .check their monetary policies if u love to do researches. . .



#Javalove. . .unless otherwise stated. . .!

Kai u r so smart. Did u really read my post b4 you jump to repeat exactly what I had told your cohort paul0883. CBN can only play a regulatory role. READ MY POST next time before you display your copycat wisdom.

alhamdulillah finally the bank will take place at this country may more of this bank be launch and open in all part of nigeria

paulo882:

So why have you not sued the FG for sponsoring pilgrimages ? And how does Islamic banking infringe on your constitutional rights as a Nigerian ? rubbish ! This conversation with you is a waste of time, just keep your views to yourself and let mine be.

There thats the problem with you pips you cant admit the truth even when it stares u in face (sorry for you). And hey dont you think that Jihadist will  issue a fatwa(murder a blasphemer 4 allah) on my head if I attempted to discredit their yearly govt. sponsored trip to mecca? Tell me ur thots I have been considering the suite for a while now.

Kinda nuts. I was talking with my buddy last night over dinner about Islamic Banking.

He has a cousin in Singapore who is some sort of banker and sells Islamic banking financial products.

Long story short, there is no real difference between it and Western-style banking. . . the effect/impact on the borrower is pretty much the same.

Here is an example, courtesy Wikipedia:

In an Islamic mortgage transaction, instead of loaning the buyer money to purchase the item, a bank might buy the item itself from the seller, and re-sell it to the buyer at a profit, while allowing the buyer to pay the bank in installments. However, the bank's profit cannot be made explicit and therefore there are no additional penalties for late payment. In order to protect itself against default, the bank asks for strict collateral. The goods or land is registered to the name of the buyer from the start of the transaction. This arrangement is called Murabaha. Another approach is EIjara wa EIqtina, which is similar to real estate leasing. Islamic banks handle loans for vehicles in a similar way (selling the vehicle at a higher-than-market price to the debtor and then retaining ownership of the vehicle until the loan is paid).

So no real practical difference. Just slightly different (and more awkward, imo) customs to make people feel as if they are getting an interest-free loan.

Anyway, let's not tie this up with Islamification, Jihadism, etc. It is really just a gimmick to make it appear that you are getting something (a loan) for nothing (no interest).

@POST

If the statements contained in the posted article which is credited to one Mallam Sanusi Lamido Sanusi are slip of the tongue and the Mallam still retains his job as governor of Nigerian central bank, I say Nigeria is a practical joke.

This type of statement has no fiscal depth instead it is a load of divisive utterance capable of instigating financial meltdown in country partially engulfed in sectarian riots.

Did the Mallam get lost in thought that Nigeria should also have Christian banking or Traditional banking?

Soon, I expect lots of Christians bearing Bayo to start changing their names to Bashir and from Emeka to Kazim

What is islamic banking? But for God sake why is it that even the so called learned muslim always like brewing up statement or action that always create tension all the time? This is so funny because before we know many of such bank will spring up and christains too will want their own bank, and may be the traditional worshipers too will say we must have our own bank afterall Nigeria is not an islamic country so all religioun has the right too to have a bank if islamic bank is allow and there comes again another heating system and controversy. I'm so sorry I dont understand what a hell is islamic bank stand for?